Equipment acquired on january 3 2005 at a cost of 147500

Reference no: EM13588062

Equipment acquired on January 3, 2005, at a cost of $147,500, has an estimated useful life of eight years and an estimated residual value of $17,500/
a. What was the annual amount of depreciation for the years 2005, 2006, and 2007, using the straight-line method of depreciation?

b. What was the book value of depreciation on January 1, 2008?

c. Assuming that the equipment was sold on January 2, 2008, for $95,000, journalize the entry to record the sale.

d. Assuming that the equipment had been sold on January 2, 2008, for $100,000 instead of $95,000, journalize the entry to record the sale.

Reference no: EM13588062

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